VIII

THE YEAR'S BALANCE-SHEET
April, 1918

The Figures of the National Budget—A Large Increase in Revenue
and a Larger in Expenditure—Comparisons with Last Year
and with the Estimates—The Proportions borne by Taxa-
tion still too Low—The Folly of our Policy of Incessant
Borrowing—Its Injustice to the Fighting Men,

Ax first sight the figures of revenue and expenditure
for the year ending March 3ist are extremely satis-
factory, at any rate on the revenue side. The
Chancellor anticipated a year ago a revenue from
taxation and State services of £638 millions, and the
receipts into the Exchequer on these -accounts
actually amount to £707 millions. On the expendi-
ture side, however, the increase over the Budget
estimate was very much greater. The estimate was
£2290 millions, and the actual amount expended was
£2696 millions. Instead, therefore, of a deficit of
^1652 millions having to be met by borrowing, there
was an actual gap, to be filled by this method, of,
roughly, £1990 millions.

To take the revenue side of the matter first, this
being by far the most cheering and satisfactory, we
find that the details of the revenue, as compared
with last year's, were as follows ;—